Even though pet insurance is effectively healthcare coverage, it’s often considerably simpler than human medical insurance.
You’ll usually have a deductible and then a co-payment. When selecting a policy, you’ll generally only have to choose between three types of coverage: accidents only; accidents and illnesses; or accidents, illnesses and other medical costs.
Nearly every policy has some form of payout limit. This could be for a single treatment, all treatments for a specific condition, or a total for all treatments during the year. The premium costs will vary depending upon the type and amount of the payout limit, so you’ll need to weigh the options.
You also have to watch out for a few rules that might surprise you. For example, a pet insurance policy will often have a waiting period, for example two weeks after you take out the policy. During this time you can’t make any claims for illnesses or accidents. Another difference from human medical policies is that you usually have to pay the vet bills up front and then make a claim to get the money back from the insurer.
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